Travel credits, redeemable on any Continental flight, with no capacity restrictions or blackout dates. You might conclude that Continental had decided to upgrade the OnePass program, discarding the onerous award bottlenecks that have so riled consumers. But you'd be mistaken. This is a stand-alone card, completely independent from OnePass.

The TravelBank card is a hybrid, part rebate card, part travel-rewards card. Cardholders earn a 1 percent credit on the amount charged for most purchases, and a 3 percent credit for eligible cable, telecommunications and wireless purchases.

The credits can then be used, either alone or in combination with cash, to purchase Continental tickets. New cardholders receive a $50 credit after they use the card for the first time, and a $25 credit on the anniversary of their account opening if they've charged $10,000 or more during the year.

Continental's release quotes Mark Bergsrud, the carrier's senior vice president, marketing programs and distribution, as follows: "The TravelBank card expands earning and reward options for our customers. With the TravelBank card, Continental is the first airline to offer its frequent flyer members the opportunity to earn and redeem both miles and dollar-based travel credits."

It's true that Continental now offers an alternative to its OnePass-linked cards. But bragging about providing a solution to a problem of Continental's own making seems like a misguided and disingenuous marketing strategy.

Rather than introduce a new currency, TravelBank credits, Continental should have shored up the value of OnePass miles by fixing the award side of the program. That would have been something worth bragging about.